The country’s social insurance system will be radically reformed with the administrative and financial unification of 60 social insurance funds that issue main and supplementary pensions, as well as, welfare benefits, it was announced on Saturday.

The Centre of Planning and Economic Research (KEPE) has undertaken to prepare a research study following the signing of a relevant contract by Labour Minister Yiannis Vroutsis made public today.

Based on the timetable, the research study will be completed in the next two months and the new social insurance model will be enacted into law by November at the latest.

Labour ministry sources said that the unification of the social insurance funds completes the biggest reform ever made in the sector, underlining that it is clearly an administrative unification that will not affect the size of pensions.

The same sources noted that the reform that includes the changes in the calculation of supplementary pensions and lump sum payments, while providing for the implementation of new information systems, leads to healthy funds that serve the principles for which they were established in the first place. They also said that supplementary pensions and lump sum payments are guaranteed, while common and more fair rules have been set.